Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ono-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:8979:1" rel="noopener">Ono Pharmaceutical (4528 JP)</a> is reporting decelerating revenue from its flagship drug, Opdivo. During H1FY25, domestic revenue from Opdivo decreased 17% YoY to ¥62.6B.</li>
<li>Opdivo will start to lose patent protection starting from 2028. Prolific commercialization of these new drugs will remain crucial for Ono riding the patent cliff successfully.</li>
<li>Ono shares plunged 36% over the last one year to trade at attractive valuation. In absence of any near-term growth catalyst, the shares are not expected to see much upside.</li>
</ul>



Ono Pharmaceutical (4528 JP) is reporting decelerating revenue from its flagship drug, Opdivo. During H1FY25, domestic revenue from Opdivo decreased 17% YoY to ¥62.6B.
Opdivo will start to lose patent protection starting from 2028. Prolific commercialization of these new drugs will remain crucial for Ono riding the patent cliff successfully.
Ono shares plunged 36% over the last one year to trade at attractive valuation. In absence of any near-term growth catalyst, the shares are not expected to see much upside.


Ono Pharmaceutical (4528 JP): Struggle Continues with Opdivo; Competition and Price Cuts Loom Large

Thematic (Sector/Industry)

<ul>
<li>After two rejections, Mesoblast has finally received FDA approval for its first drug. Celltrion has received FDA approval for its Stelara biosimilar, which will be launched in February 2025.</li>
<li>Peptidream has become eligible for a milestone payment. Sumitomo Pharma is strengthening R&amp;D for regenerative medicine and cell therapy business. Astellas Pharma in-licenses technology for developing neurology drugs.</li>
<li>Hansoh Pharmaceutical granted an exclusive global license to Merck for its pre-clinical drug candidate. Lupin received FDA approval to market generic version of blockbuster Descovy tablets.</li>
</ul>


After two rejections, Mesoblast has finally received FDA approval for its first drug. Celltrion has received FDA approval for its Stelara biosimilar, which will be launched in February 2025.
Peptidream has become eligible for a milestone payment. Sumitomo Pharma is strengthening R&amp;D for regenerative medicine and cell therapy business. Astellas Pharma in-licenses technology for developing neurology drugs.
Hansoh Pharmaceutical granted an exclusive global license to Merck for its pre-clinical drug candidate. Lupin received FDA approval to market generic version of blockbuster Descovy tablets.


APAC Healthcare Weekly (Dec 22)- Mesoblast, Celltrion, Peptidream, Astellas, Hansoh, Lupin

<ul>
<li>Samsung Biologics signs manufacturing deals worth over $668M with European pharmaceutical company. Celltrion is acquiring iQone Healthcare, a specialty pharmaceutical distribution company in Switzerland. Kyowa Kirin collaborates for leukemia drug.</li>
<li>Takeda launched Hutchmed’s colorectal cancer drug Fruzaqla in Japan. FDA has turned down Astellas Pharma’s application for label update of geographic atrophy drug Izervay. Lunit is partnering with AstraZeneca.</li>
<li>Yuhan is one step ahead for European approval of Leclaza. HK inno.N signs domestic supply contract for Roche’s influenza treatment, Tamiflu. Beigene settles litigation against generic filer of Brukinsa.</li>
</ul>


Samsung Biologics signs manufacturing deals worth over $668M with European pharmaceutical company. Celltrion is acquiring iQone Healthcare, a specialty pharmaceutical distribution company in Switzerland. Kyowa Kirin collaborates for leukemia drug.
Takeda launched Hutchmed’s colorectal cancer drug Fruzaqla in Japan. FDA has turned down Astellas Pharma’s application for label update of geographic atrophy drug Izervay. Lunit is partnering with AstraZeneca.
Yuhan is one step ahead for European approval of Leclaza. HK inno.N signs domestic supply contract for Roche’s influenza treatment, Tamiflu. Beigene settles litigation against generic filer of Brukinsa.


APAC Healthcare Weekly (Nov 24)- Samsung Biologics, Celltrion, Takeda, Kyowa Kirin, Astellas Pharma

<ul>
<li>During H1FY25, <a href="https://www.smartkarma.com/entities/eisai-co-ltd" target="_blank" data-smartkarma-citation="entities:21001:1" rel="noopener">Eisai Co Ltd (4523 JP)</a> reported 3% YoY growth in revenue, driven by mainstay drugs. However, operating profit declined 11% YoY and net profit decreased 6% YoY.</li>
<li>Although Eisai kept its FY25 total revenue guidance unchanged, it has reduced Leqembi FY25 revenue guidance by ¥14B to ¥42.5B due to lower revenue expectation from Americas.</li>
<li>Leqembi is expected to be approved in Europe for a narrower set of patients. Next year, the drug will face competition in the U.S.</li>
</ul>


During H1FY25, Eisai Co Ltd (4523 JP) reported 3% YoY growth in revenue, driven by mainstay drugs. However, operating profit declined 11% YoY and net profit decreased 6% YoY.
Although Eisai kept its FY25 total revenue guidance unchanged, it has reduced Leqembi FY25 revenue guidance by ¥14B to ¥42.5B due to lower revenue expectation from Americas.
Leqembi is expected to be approved in Europe for a narrower set of patients. Next year, the drug will face competition in the U.S.


Eisai Co Ltd (4523 JP): Mixed H1FY25 Performance; Guidance Reaffirmed; Leqembi Struggle Continues

<ul>
<li>During 9M24, <a href="https://www.smartkarma.com/entities/otsuka-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:12292:1" rel="noopener">Otsuka Holdings (4578 JP)</a> reported 19% YoY growth in revenue from pharmaceuticals segment to ¥1201B, mainly driven by a 28% YoY growth in Rexulti revenue to ¥196B.</li>
<li>The company has reduced 2024 revenue guidance marginally, raised the operating profit projections, while net profit guidance was kept unchanged.</li>
<li>In 3Q24, Rexulti received approval in Japan for agitation associated with dementia due to Alzheimer's disease. FDA action date for post-traumatic stress disorder indication is on February 8, 2025.</li>
</ul>


During 9M24, Otsuka Holdings (4578 JP) reported 19% YoY growth in revenue from pharmaceuticals segment to ¥1201B, mainly driven by a 28% YoY growth in Rexulti revenue to ¥196B.
The company has reduced 2024 revenue guidance marginally, raised the operating profit projections, while net profit guidance was kept unchanged.
In 3Q24, Rexulti received approval in Japan for agitation associated with dementia due to Alzheimer's disease. FDA action date for post-traumatic stress disorder indication is on February 8, 2025.


Otsuka Holdings (4578 JP): Revenue and Profit Continue to Rise, Rexulti Remains Key

Japan

Astellas Pharma Inc. is a pharmaceutical company committed to the therapeutic fields of Urology, Immunology including Transplantation and Infectious Diseases, Oncology, Neuroscience and DM Complications and Metabolic Diseases. With over 17,000 global employees, Astellas researches, develops, manufactures, and promotes its prescription drugs through subsidiaries in the US, Europe, and Asia

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Astellas Pharma (4503 JP)

Ono Pharmaceutical (4528 JP): Struggle Continues with Opdivo; Competition and Price Cuts Loom Large

Ono Pharmaceutical's revenue from Opdivo is slowing down. The company will face patent cliff in 2028. Shares are down 36% in past year, with...

Tina Banerjee

APAC Healthcare Weekly (Dec 22)- Mesoblast, Celltrion, Peptidream, Astellas, Hansoh, Lupin

Mesoblast got FDA approval for its first drug, while Betta Pharma, Celltrion, and Lupin also received some major FDA approvals. Pharma companies...

Tina Banerjee

APAC Healthcare Weekly (Nov 24)- Samsung Biologics, Celltrion, Takeda, Kyowa Kirin, Astellas Pharma

Samsung Biologics secures new manufacturing deals, Celltrion is acquiring iQone Healthcare, Takeda launches colorectal cancer drug in Japan, and...

Tina Banerjee

Eisai Co Ltd (4523 JP): Mixed H1FY25 Performance; Guidance Reaffirmed; Leqembi Struggle Continues

Eisai sees revenue growth but profit decline in H1FY25. The company reduced Leqembi guidance for FY25. Leqembi is expected to be approved in...

Tina Banerjee

Otsuka Holdings (4578 JP): Revenue and Profit Continue to Rise, Rexulti Remains Key

During 9M24, Otsuka reported 19% growth in revenue from pharmaceuticals segment to ¥1201B, mainly driven by a 28% growth in Rexulti to ¥196B. FDA...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Ono Pharmaceutical (4528 JP): Struggle Continues with Opdivo; Competition and Price Cuts Loom Large

​Ono Pharmaceutical's revenue from Opdivo is slowing down. The company will face patent cliff in 2028. Shares are down 36% in past year, with...

Tina Banerjee

APAC Healthcare Weekly (Dec 22)- Mesoblast, Celltrion, Peptidream, Astellas, Hansoh, Lupin

Mesoblast got FDA approval for its first drug, while Betta Pharma, Celltrion, and Lupin also received some major FDA approvals. Pharma companies...

Tina Banerjee

APAC Healthcare Weekly (Nov 24)- Samsung Biologics, Celltrion, Takeda, Kyowa Kirin, Astellas Pharma

​Samsung Biologics secures new manufacturing deals, Celltrion is acquiring iQone Healthcare, Takeda launches colorectal cancer drug in Japan, and...

Tina Banerjee

Eisai Co Ltd (4523 JP): Mixed H1FY25 Performance; Guidance Reaffirmed; Leqembi Struggle Continues

​Eisai sees revenue growth but profit decline in H1FY25. The company reduced Leqembi guidance for FY25. Leqembi is expected to be approved in...

Tina Banerjee

Otsuka Holdings (4578 JP): Revenue and Profit Continue to Rise, Rexulti Remains Key

​During 9M24, Otsuka reported 19% growth in revenue from pharmaceuticals segment to ¥1201B, mainly driven by a 28% growth in Rexulti to ¥196B. FDA...

Tina Banerjee

Ono Pharmaceutical's revenue from Opdivo is slowing down. The company will face patent cliff in 2028. Shares are down 36% in past year, with...

Samsung Biologics secures new manufacturing deals, Celltrion is acquiring iQone Healthcare, Takeda launches colorectal cancer drug in Japan, and...

Eisai sees revenue growth but profit decline in H1FY25. The company reduced Leqembi guidance for FY25. Leqembi is expected to be approved in...

During 9M24, Otsuka reported 19% growth in revenue from pharmaceuticals segment to ¥1201B, mainly driven by a 28% growth in Rexulti to ¥196B. FDA...